While taxpayers were popping returns into the mail this year, scammers were busy trying to figure out how to cash in. The Internal Revenue Service reported that, by Tax Day, they were investigating 1,800 active cases of identity theft investigations. Many of those cases involved millions of dollars each: just recently, a New York woman…
As the IRS moves to make it more difficult for tax preparers and financial institutions to issue RALs (refund anticipation loans), critics have been quick to point out that low-income taxpayers may have a difficult time taking advantage of their tax refunds. Many low-income taxpayers are “bankless” without access to banks that will cash tax…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: For the 2010 tax season, taxpayers who claim a tax refund can opt to split their refunds into bank accounts or retirement accounts and buy up to $5000 in US savings bonds (Series I). Taxpayers…
If you’re hoping to take advantage of Refund Anticipation Loans (RALs) and related products during this tax season, you’re going to have to look pretty hard. Many third party preparers will not be offering those products this year, citing financial difficulties with underwriters. Some of the financial difficulties stem from the economy. RALs (and similar…
Each year, the IRS faces a pretty odd challenge: trying to give people their money back. If you move or make an error entering your address on your tax return – and you’re due a refund – the IRS may not be able to find you. This year, the IRS is looking to return $164.6…
